Ticker

Ticker

June 09, 1998

REGION

THE TRUMAN SHOW. The Navy's newest nuclear-powered carrier, the Truman, left Newport News Shipbuilding (NYSE: NNS) on Monday for a three-day sea trial. After the test, overseen by Navy and shipyard personnel, the ship will undergo another round of trials, set for June 22-26, by the Navy's Bureau of Inspection and Survey. More than eight years in the making, the ship is expected to be completed in late July and homeported in Norfolk.

STATE FARM DIVIDEND. State Farm announced Monday that it will return $8.7 million in premiums paid by its Virginia auto insurance policyholders. That amounts to 3.5 percent of the semiannual premiums on its 632,200 Virginia policies. In all the company's latest dividends program will return $891 million to policyholders in 35 states and D.C. The dividends will be paid by check or through a credit over the next policy renewal cycle. Dividends are a one-time return made possible when recent claims are less frequent or costly than expected.

TRIGON BUYBACK. The board of Trigon Healthcare Inc. (NYSE:TGH) on Monday authorized a stock buyback of up to 10 percent of the company's 42.3 million outstanding shares. "This action reflects Trigon's very strong financial position and cash flow as well as our optimism in the company's future growth prospects," said Norwood H. Davis Jr., the health insurer's chairman and CEO.

G-CONTRACTS ... Associated Naval Architects of Portsmouth, $282,579 from the Navy in Jacksonville, Fla., for equipment maintenance and repair. ... National Communications of America Corp. of Virginia Beach, $100,000 from the U.S. Information Agency in Washington, D.C., for equipment installation. ... AEPCO Inc. of Virginia Beach, $55,447 from the Navy in Portsmouth for ships.

BIZ BITES ... Domestic coal production was 21 million tons in the week ending May 30, up 1 percent from the previous week, the Energy Department said. The U.S. coal industry produced 20.2 million tons in the same week last year. ... In its June issue, Entrepreneur magazine names AirTran (Nasdaq: AAIR), the "Best Domestic Low-Fare Airline." Orlando-based AirTran provides Newport News' only jet service.